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IDFC ties up with Malaysian fund to help infra projects

With bilateral trade between India and Malaysia progressing on a robust path, Union Commerce and Industry Minister Anand Sharma, on Wednesday, announced that the target for $15 billion turnover is likely to be achieved by 2013, prompting both nations to revise the target.

Mr. Sharma also announced that Khazanah Nasional Berhad (Government of Malaysia’s strategic investment fund) and IDFC have joined hands to form a special purpose vehicle (SPV) with an equity base of Rs.830 crore for taking up infrastructure projects in India. “India’s bilateral trade with Malaysia stood at nearly $13 billion last year, registering a growth of 34 per cent over the previous year. While we had set a trade target of $15 billion by 2015, I am confident that we will be able to achieve this target definitely by 2013, if not this year. I will be proposing to my Malaysian counterpart Mustapa Mohamed that we revise this target upwards,” he said while addressing the India-Malaysia CEO Forum meeting here.

Mr. Sharma said during his visit to Malaysia last year, he had sought investment from Khazanah Nasional Berhad in the Indian infrastructure sector through a collaborative venture with IDFC. “A SPV has been created between Khazanah and a subsidiary of IDFC with an equity base of Rs.830 crore for financing the national highway construction projects,’’ he added.